Friday, 3 May 2013

Construction output 'best for 6 months' says report

The UK construction market was given a small boost with the latest Markit/CIPS Construction Purchasing Managers' Index (PMI) showing the best performance for 6 months in April with the index rising to 49.4 from 47.2 seen in March. This was above economists' expectations who had predicted a score of 48. The sector is now very close to returning to growth.Tim Moore, senior economist at Markit, said the sector fought back following cold weather earlier in the year slowing down work."UK construction sector output was closer to stabilisation than at any time since October 2012," said Mr Moore. "The overall survey findings are an early indication that construction will act as less of a drag on UK GDP over the second quarter of 2013."Encouraging signs for jobs' market in the coming monthsMarkit said that employment levels "were broadly stable" at the start of the second quarter, with subdued demand patterns leading to cautious job hiring trends. However, a rise in business optimism about the outlook for the year ahead has helped stabilise overall staffing levels.